r) Provisions & Contingencies
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it
is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount
of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation
at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a
provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present
value of those cash flows (when the effect of the time value of money is material). When some or all of the economic
benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an
asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured
reliably.
s) Contingent Liabilities & Contingent Assets
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by occurrence
or non-occurrence of one or more of uncertain future events beyond the control of Company or a present obligation
that is not recognized because it is not probable that an outflow of resources will be required to settle the an obligation.
A contingent liability also arises in the extremely rare cases where there is a liability that cannot be recognized because
it cannot be measured reliably its existence in the standalone financial statements. Company does not recognize the
contingent liability but disclosed its existence in standalone financial statements unless the possibility of an outflow
of resources embodying economic benefits is remote. Contingent liabilities and commitments are reviewed by the
management at each balance sheet date.
Contingent assets are neither recognised nor disclosed in the financial statements. However, contingent assets are
assessed continually and if it is virtually certain that an inflow of economic benefits will arise, the asset and related
income are recognised in the period in which the change occurs.
t) Segment Reporting
An operating segment is a component of the Company that engages in business activities from which it may earn
revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company's
other components, and for which discrete financial information is available.
Based on the "management approach" as defined in Ind AS 108, Operating segments are to be reported in a manner
consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM).The CODM evaluates the
Company's performance and allocates resources on overall basis. The Company's sole operating segment is therefore
'Medical and Healthcare Services'.
u) Government Grants
Government grants are not recognised until there is reasonable assurance that the Company will comply with the
conditions attaching to them and such grants can reasonably have a value placed upon them.
Government grants are recognised in statement of profit and loss on a systematic basis over the periods in which the
Company recognises as expenses the related costs for which the grants are intended to compensate.
v) Cash and Cash Equivalents
Cash and cash equivalents for the purposes of cash flow statement are comprise of cash at bank and cash in hand and
short-term investments with an original maturity of three months or less. Bank overdrafts are shown within borrowings
in current liabilities in the balance sheet and forms part of financing activities in the cash flow statement. Book overdraft
are shown within other financial liabilities in the balance sheet and forms part of operating activities in the cash flow
statement.
Other balances with bank also include balances and deposits with banks that are restricted for withdrawal and
usage.
w) Recent pronouncements
Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time.
In May 2025, MCA notified amendments to Ind AS 21 - The Effects of Changes in Foreign Exchange Rates, applicable w.e.f.
April 1, 2025. The Company has reviewed the amendment and based on its evaluation has determined that it does not
have any significant impact in its financial statements.
In August 2025, MCA notified the following amendments to:
1. Ind AS 1, Presentation of Financial Statements, applicable w.e.f. April 1, 2025 - The amendment relates to
classification of liabilities as current or non-current and non-current liabilities with covenants. In the context of
classifying a liability as current, it removes the requirement of existence of a right to defer settlement for at least 12
months after the reporting date and instead requires that the said right should exist on the reporting date and have
substance. The amendment also introduces guidance on classification of liabilities with covenants. The Company
has no impact of these amendments in its classification criteria of current and non-current liabilities.
2. Ind AS 7, Statement of Cash Flows and Ind AS 107, Financial Instruments: Disclosures, applicable w.e.f. April 1,
2025 - The amendment in Ind AS 7 requires to inform users of financial statements of the existence of supplier
finance arrangements and explain the nature of the arrangements, the carrying amount of liabilities and the range
of payment due dates. Ind AS 107 has been amended to add supplier finance arrangements as a factor that may
cause concentration of liquidity risk. The Company has reviewed the amendment and based on its evaluation has
determined that it does not have any significant impact in its financial statements.
3. Ind AS 12 - Income Taxes relating to International Tax Reform - Pillar Two Model Rules. The amendments introduce
a temporary exception from recognition and disclosure of deferred tax assets and liabilities related to Pillar Two
income taxes along with certain disclosure requirements.
The Company has evaluated the aforesaid amendment and based on its assessment, the same does not have any
material impact on the standalone / consolidated financial statements of the Company.
(i) Terminal value has been arrived at by extrapolating the last forecasted year cash flows to perpetuity. This long-term growth
rate takes into consideration external macroeconomic sources of data. Such long-term growth rate considered does not
exceed that of the relevant business and industry sector.
(ii) The discount rate, which is applied to the net free cash flows of the whole entity, should reflect the opportunity cost to all
capital providers (namely, shareholders, internal funding provided by the Company, and debt), weighted by their relative
contribution to the total capital of the Company. This is commonly referred to as the weighted average cost of capital (WACC).
The estimate of recoverable amount is particularly sensitive towards post-tax discount rate and terminal growth rate. There will
be no impairment even if the weighted average cost of capital is increased by 5% and the terminal growth rate is decreased by
5%. Management is not currently aware of any other reasonably possible changes to key assumptions that would cause a unit's
carrying amount to exceed its recoverable amount.
7.3 As per Ind AS 109, the Company is required to apply expected credit loss model for recognizing the allowance for doubtful
debts. The Company uses a provision matrix to determine impairment loss on portfolio of its trade receivable. The provision
matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for
forward-looking estimates. At regular intervals, the historically observed default rates are updated and changes in forward¬
looking estimates are analysed.
The Company uses judgements in making certain assumptions and selecting inputs to determine impairment of these trade
receivables, based on the Company's historical experience towards potential billing adjustments, delays and defaults at the
end of each reporting period.
The Company has recorded an allowance of Rs. 1305.52 Lacs (PY Rs. 1149.41 Lacs) towards trade receivables. The
Management believes that there is no further provision required in excess of the allowance for credit loss.
The movement in allowance for expected credit loss in respect of trade receivables during the year was as follows:
7.4 The Company's exposure to currency risks related to trade receivables are disclosed in note 37 .
7.5 Refer Note 12 for information on trade receivable hypothecated as security by the Company.
7.6 There are no customers who represent more than 10% of the total balance of trade receivables except for 2 (PY: 2) parties
which constitutes 35.6% (PY: 44.6%) of the total balance as at year end.
a. Capital Reserve
Capital reserve represents excess of assets over liabilities and share issued consequent to scheme of arrangement of transferor
companies in earlier years.
b. Security Premium
Security premium is used to record the premium on issue of shares. The same is to be utilised in accordance with the provision
of section 52 of the companies Act 2013.
c. Retained Earnings
Retained earnings represents the profits that the Company has earned till date, less any transfer of general reserve, dividends
or other distributions to shareholders etc.
d. Share option outstanding account
The share options outstanding account is used to recognise the grant date fair value of options issued to employees under the
Company's Employee stock option plan. Refer note 43.
e. Revaluation Reserve
Revaluation Reserve represents freehold land revalued as on 31st March, 2016 as per independent valuer's report and related
deferred tax adjustments.
g. Equity Component of CCDs
Refer Note 42
Note No.
28. Segmental Reporting
Operating segments
Ind AS 108 "Operating Segment" ("Ind AS 108") establishes standards for the way that public business enterprises report
information about operating segments and related disclosures about products and services, geographic areas, and major
customers. Based on the "management approach" as defined in Ind AS 108, Operating segments are to be reported in a
manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM).The CODM evaluates
the Company's performance and allocates resources on overall basis. The Company's sole operating segment is therefore
'Medical and Healthcare Services'. Accordingly, there are no additional disclosure to be provided under Ind AS 108, other than
those already provided in the financial statements.
Geographical information
Geographical information analyses the Company's revenue and non current assets by the Company's country of domicile (i.e.
India) and other countries. In presenting the geographical information, segment revenue has been based on the geographical
location of the customers and segment assets which have been based on the geographical location of the assets.
d. The Company does not face a significant liquidity risk with regards to its lease liabilities as the current assets are sufficient
to meet the obligations related to lease liabilities as and when fall due.
e. Lease payments during the period have been disclosed under financing activities in the Standalone Statement of Cash
flows.
f. The Company has entered into a lease agreement to operate a hospital which shall commence in the next financial year.
33. The Micro, Small and Medium Enterprises have been identified by the Company from the available information, which has
been relied upon by the auditors. According to such identification, the disclosures as per Section 22 of "The Micro, Small
and Medium Enterprise Development (MSMED) Act, 2006" are as follows:
The estimates of future salary increases, considered in actuarial valuation, take into account inflation, seniority,
promotion and other relevant factors including supply and demand in the employment market.
Significant actuarial assumption for the determination of the defined obligation are discounted rate, expected salary
escalation rate and withdrawal rate. The sensitivity analyses below have been determined based on reasonably
possible changes of the respective assumption occurring at the end of the reporting period, while holding all other
assumptions constant.
The above information is certified by the actuarial valuer.
Enterprise best estimate of contribution during next year is Rs. 255.51 Lacs for Gratuity & Rs. 169.45 Lacs for Leave
Encashment.
The discount rate is based on prevailing market yield of Government Bonds as at the date of valuation.
36. Capital Management
The Company manages its capital to ensure that the Company will be able to continue as going concern while maximising the
return to stakeholders through the optimisation of the debt and equity balance.
The capital structure of the Company consists of net debt (borrowings as detailed in Notes 12 & 15 offset by cash and bank
balances) and total equity of the Company.
The Company is not subject to any externally imposed capital requirements other than for covenants under various loan
arrangements of the Company.
The Company's Board reviews the capital structure of the Company on need basis. As part of this review, the Board considers
the cost of capital and the risks associated with each class of capital. The gearing ratio at 31st March 2026 of 22.22% (previous
year 26.31% ) (See below).
The management considers that the carrying amount of financial assets and financial liabilities recognised at amortised
cost in the balance sheet approximates their fair value.
Fair Value Hierarchy
The fair value of the financial assets and financial liabilities are included at the amount at which the instrument could
be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following
table provides the fair value measurement hierarchy of Company's asset and liabilities, grouped into Level 1 to Level 3 as
described below :-
i. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the company can
access at measurement date;
ii. Level 2 inputs are inputs, other than quoted prices included in level 1, that are observable for the asset or liability,
either directly or indirectly; and
iii. Level 3 inputs are unobservable inputs for the valuation of assets/liabilities
ii) Financial Risk Management Objectives
The Company's Corporate Treasury function provides services to the business, co-ordinates access to domestic and
international financial markets, monitors and manages the financial risks including market risk (including currency risk,
interest rate risk and other price risk), credit risk and liquidity risk.
The Board of Directors manages the financial risk of the Company through internal risk reports which analyse exposure by
magnitude of risk. The Company has limited exposure from the international market as the Company's operations are in
India. The Company has limited exposure towards foreign currency risk it earns approx. & 15.30% of its revenue from in
foreign currency from international patients. Also capital expenditure includes capital goods purchased in foreign currency
through the overseas vendors. The Company has not taken any derivative contracts to hedge the exposure. However the
exposure towards foreign currency fluctuation is partly hedged naturally on account of receivable from customers and
payable to vendors in foreign currency.
Market Risk
The Company's activities expose it primarily to the financial risks of changes in interest rates and foreign currency exchange
rates.
a) Foreign Currency risk management
The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate
fluctuations arise. Exchange rate exposures are managed within approved policy parameters.
The carrying amounts of the Company's foreign currency denominated monetary assets and monetary liabilities at
the end of the reporting period are as follows:
Cash in Foreign Currency
Foreign currency sensitivity analysis
The Company is mainly exposed to the USD & EURO currency.
The following table details the Company's sensitivity to a 1% increase and decrease in the Rupees against the USD.
1% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and
represents management's assessment of the reasonably possible change in foreign exchange rates. The sensitivity
analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at
the period end for a 1% change in foreign currency rates. In case of net foreign currency outflow, a positive number
below indicates an increase in profit or equity where the Rs. strengthens 1% against the relevant currency. For a 1%
weakening of the Rupees against the relevant currency, there would be a comparable impact on the profit or equity,
and the balances below would be negative. In case of net foreign currency inflow, a positive number below indicates
an increase in profit or equity where the Rs. weakens 1% against the relevant currency. For a 1% strengthening of the
Rupees against the relevant currency, there would be a comparable impact on the profit or equity, and the balances
below would be negative.
c) Credit Risk Management
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company's receivables from customers and loans
given. Credit risk arises from cash held with banks, as well as credit exposure to trade receivables and other financial
assets. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of
managing counter party credit risk is to prevent losses in financial assets. The Company assesses the credit quality of
the counterparties, taking into account their financial position, past experience and other factors.
Trade and other Receivables
The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. Trade
receivables and unbilled revenue are typically unsecured and are derived from revenue earned from customers.
The Company has a process in place to monitor outstanding receivables on a monthly basis. In monitoring customer
credit risk, customers are grouped according to their credit characteristics, including government entities, insurance
companies, corporates, individual and others. The default in collection as a percentage to total receivable is low.
Management believes that the unimpaired amounts that are past due by more than one year are still collectible in
full, based on historical payment behaviour and extensive analysis of customer credit risk.
Cash and bank balances, loans and other financial assets
Cash and bank balances comprises of deposits with bank, interest accrued on deposits, and security deposits,. These
deposits are held with credit worthy banks. The credit worthiness of such banks are evaluated by the Management on
an ongoing basis and is considered to be good with low credit risk. The Company's maximum exposure to credit risk
as at 31st March, 2026, and 31st March, 2025 is the carrying value of each class of financial assets.
The security deposit pertains to rent deposit given to lessors. The Company does not expect any losses from non¬
performance by these counter-parties.
The Company is exposed to credit risk in relation to financial guarantee given by the company on behalf of the
subsidiary company. The company's maximum exposure in this regard is the maximum amount company could have
to pay if the guarantee is called on at 31st March, 2026 is Rs. 116.18 Lacs (PY Rs. 977.86 Lacs).This financial guarantee
has been issued to banks. Based on the expectations at the end of reporting period, the company considers likelihood
of any claim under guarantee is remote.
d) Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an
appropriate liquidity risk management framework for the management of the Company's short-term, medium-term
and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining
adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and
actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Note given below sets out
details of additional undrawn facilities that the Company has at its disposal to further reduce liquidity risk.
Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing
liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due,
under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's
reputation.
The table below provides details regarding the undiscounted contractual maturities of significant financial liabilities :
c. The Company classifies the right to consideration in exchange for deliverables as either a receivable or as unbilled revenue.
A receivables is right to consideration that is unconditional upon passage of time. Revenue for ongoing services at the
reporting date yet to be invoiced is recorded as unbilled revenue. Trade receivables and unbilled revenue are presented
net of impairment in the Balance sheet.
d. Trade receivables are non-interest bearing and are generally on credit terms of 0- 90 days. Rs. 156.1 Lacs (PY Rs. 174.29)
was recognised during the year as provision for expected credit losses on trade receivables.
e. Performance obligation and remaining performance obligation
The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be
recognized as at the end of the reporting period and an explanation as to when the Company expects to recognize these
amounts in revenue. As on 31st March, 2026, there were no remaining performance obligation as the same is satisfied
upon delivery of goods/services.
C. Corporate guarantee given to Bank in respect of financial assistance availed by the subsidiary company i.e. Artemis Cardiac
Care Private Limited Outstanding as on 31st March, 2026 for Rs. 116.18 Lacs (PY Rs. 977.87 Lacs).
D. i) For the Income Tax assessment proceedings for AY 2017-18, Assessing officer has made addition of Rs. 937.84 Lacs.
Additions made by the Assessing Officer have not resulted in any demand, as the additions have been set off against
unabsorbed losses of the Company. However, the Company has filed an appeal before CIT (Appeals) against the order
passed by the Assessing Officer and matter is sub-judice.
ii) For the AY 2019-20, Assessing officer has not allowed MAT credit of Rs. 220.15 Lac, rejecting rectification application
u/s 154. The Company has filed appeal before the CIT (A), matter is sub-Judice.
iii) For the AY 2020-21, Assessing officer has not allowed claim of depreciation on Goodwill of Rs. 1064.54 Lacs. The
Company has filed appeal before CIT(A), the matter is sub- judice & pending for hearing.
iv) For the AY 2023-24, the assessing officer, vide order u/s 143 (3) read with section 144 B of income tax act has raised
demand of Rs. 329.57 Lacs disallowing certain expenditure of Rs. 420.55 Lacs u/s 69 (C) of IT Act. The Company has
filed an appeal before CIT(A) and the matter is sub-Judice.
E. GST Case Disclosure
Goods & Services Tax Department (GST), Haryana, has raised demand cum show cause notice of Rs. 6304.49 Lacs plus
interest and penalty, alleging that Hospital is charging MRP from in-patients (IPD) on medicines, consumables and implants
supplied while providing Healthcare Services which includes GST and not remitting the same to the Government. The
Company has filed writ petition at Hon'ble High court of Punjab & Haryana, Chandigarh, challenging the impugned notice.
There are likely chances of favourable outcome, hence company has not taken any provisions the notice.
42. In the previous year, the Company issued 33,000 Compulsorily Convertible Debentures ("CCDs") of face value of Rs. 1 lac
each, aggregating to Rs. 33,000 lacs, to International Finance Corporation ("IFC") on a preferential private placement basis
(allotment date: May 16, 2024). The CCDs carried interest at 2.65% per annum, compounded quarterly on a cumulative basis.
In accordance with Ind AS 109, the CCDs were bifurcated into an equity component of Rs. 32,061.30 lacs (recognised in Other
Equity) and a residual liability component of Rs. 938.70 lacs (carried at amortised cost). Transaction costs of Rs. 910.81 lacs
were charged to reserves in the previous year.
During the current year, the Company accrued cumulative interest of Rs. 1,333.35 lacs and incurred transaction costs of Rs.
33.00 lacs, both charged to reserves. The accrued interest and the amortised liability component were settled in full at the
time of conversion, resulting in a Nil carrying value of the liability as at the date of conversion.
As per the terms of the issue, all 33,000 CCDs were converted into 1,89,62,247 equity shares of face value of Re. 1/- each
at a conversion price of Rs. 174.03 per equity share on November 15, 2025, in accordance with the applicable provisions of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and as per the in-principle approvals received
from BSE Limited and National Stock Exchange of India Limited. Consequent to the conversion, Share Capital increased by Rs.
189.62 lacs and Securities Premium increased by Rs. 32,810.38 lacs.
43. Share-based payments
(a) The share-based payment plan is an employee option plan. The options are equity settled options.
The Board and shareholders have approved the Artemis Medicare Management Stock Option Plan - 2021 (the Plan). In
accordance with the Plan, the Nomination and Remuneration Committee, had, on April 1, 2021, granted 6,96,700 Stock
Options to the Managing Director. These stock options are to be vested after a minimum of one year from the grant date
and it may extend up to a maximum of four years from the grant date. The exercise period is one year from the date of
respective vesting.
Further, according to the sub-division of the Equity Shares of the Company from the face value of Rs. 10/- each per share
into Rs. 1/- each per share, the Nomination and Remuneration Committee revised the no. of Stock Options to bring the
same in line with the Sub-divided Equity Shares of the Company. Accordingly, the revised no. of Stock Options stands at
69,67,000 Stock Options with the face value of Rs. 1/- each.
(e) Fair value of options granted :-
The fair value at grant date is determined using the Black Scholes Model which takes into account the exercise price, term
of option, the share price at grant date, and expected price volatility of the underlying share, the expected dividend yield
and the risk free interest rate for the term of option. The Fair Value of the Stock option as of grant date was Rs. 21.37.
During the year ended March 31, 2026, the Company issued 17,41,750 equity shares (PY: 17,41,750).
(f) Expense arising from share-based payment transactions :-
The company has recorded an expense of Rs. Nil for the year ended March 31, 2026 (PY: Rs. 92.99 Lacs), as a part of the
employee benefits expense.
(g) In the existing Employee Stock Option Scheme, 69,67,000 options have been exercised till March 31, 2026 (PY: 52,25,250).
(i) The Company did not have any transactions with struck-off companies under section 248 of the Companies Act, 2013
or section 560 of the Companies Act, 1956.
(ii) The Company does not have any creation, modification or satisfaction of charges that are yet to be registered with ROC
beyond the statutory period.
(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the period/year.
(iv) The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) any funds to or in any other persons or entities, including foreign entities ("Intermediaries"),
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend
or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(v) The Company has not received any funds from any persons or entities, including foreign entities ("Funding Parties"),
with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(vi) The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey
or any other relevant provisions of the Income Tax Act, 1961).
(vii) The Company has not raised funds on short-term basis which have been utilised for long-term purposes.
(viii) The Company had not been declared a wilful defaulter by any bank or financial institution or other lender (as defined
under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued by
the Reserve Bank of India. The company has not defaulted in repayment of loans or other borrowings or in the payment
of interest thereon to any lender.
(ix) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on number of Layers) Rules, 2017, as amended.
(x) The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.
(xi) There were no amounts, during the year, which were required to be transferred to the Investor Education and Protection
Fund by the Company.
(xii) There are no financial instruments which are offset, or subject to enforceable master netting arrangements and other
similar agreements but not offset, as at each reporting date.
(xiii) The Ministry of Corporate Affairs (MCA) has issued a notification (Companies (Accounts) Amendment Rules, 2021)
effective from 1st April 2023, stating that every company that uses accounting software maintaining its books of account
shall use only the accounting software where there is a feature of recording audit trail of each and every transactions,
and further creating an edit log of each change made to books of account with the date when such changes were made
and ensuring that the audit trail cannot be disabled.
The Company uses SAP S4 Hana accounting software and a Hospital Information system (HIS) application for maintaining
its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the accounting software.
Further, the database, for both SAP and HIS, are managed by external third-party service providers. In respect of the
same, access to direct database-level changes is available only to third-party service providers and, it is not available to
any of the Company personnel. In line with best practices, we have sought assurance through the Independent Service
Auditor's Assurance Report on the Description of Controls and their Design and Operating Effectiveness (SOC Type 2
report). However, since the SOC Type 2 report could not be obtained for HIS and the report of SAP does not specifically
cover any controls related to the audit trail, we cannot comment on whether the audit trail feature was enabled at the
database level.
(i) In the opinion of the Board of Directors, Trade Receivables, other current financial assets, and other current assets have
a value on realization in the ordinary course of the company's business, which is at least equal to the amount at which
they are stated in the balance sheet.
(ii) The balances of some of the accounts classified as Trade Payables, Trade Receivables, etc. are in the process of
reconciliations/ confirmation. In the opinion of Board of directors, the result of such exercise will not have any material
impact on the carrying value.
(iii) The Board of Directors at its meeting held on May 08, 2026 has approved the Financial Statement for the year ended
March 31, 2026.
(iv) The figures for the corresponding previous year have been regrouped/reclassified wherever necessary, to make them
comparable.
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